The Near-Record Stock Market Is the Story

The financial media are awash in articles about where stocks are headed. Which ones provide more light than heat?

As the major U.S. indexes near their all-time highs after a strong January, the stock market itself is very much the investment story on everyone's mind. So it's no surprise that financial Websites are awash in articles on whether the rally will continue for a while or crater.

I'm leery of articles that indulge in the market-timing game, arguing either that an investor should buy into the rally or sell heavily in advance of a...